China plans to resume initial public offerings (IPOs) for unprofitable startups on its technology-focused stock exchanges, including the Shanghai Stock Exchange’s Science and Technology Innovation Board (Star Market) and Shenzhen’s ChiNext board. This policy shift aims to boost technological independence and support startups amid US-China tensions, aligning with China’s 'Made in China 2025' initiative.

China plans to resume listings of unprofitable startups on its technology boards to support technological self-sufficiency and revive the IPO market. China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced the policy at the Lujiazui Forum, allowing pre-profit firms to trade on the Shanghai Star Market and Shenzhen ChiNext board. The move aims to reduce tech reliance on the U.S. amid trade tensions, with the Star Market 50 Index and ChiNext gauge showing minor market reactions.

Bitcoin, ethereum, and XRP prices have fluctuated wildly, with Justin Sun, founder of the tron blockchain and cryptocurrency, highlighting the importance of China's legal victory for the crypto industry.

In 2024, despite tensions in U.S.-China relations, Chinese companies continued to list on U.S. exchanges, with 64 IPOs completed that year. January 2025 saw 12 Chinese companies debut on U.S. exchanges, accounting for 41% of all IPOs in the U.S. that month. Most of these IPOs raised modest funds, under $10 million, leading to a subdued public perception of the U.S. IPO market. Legal advisory firms, particularly small and regional ones, are diversifying, with Wuxi-based Jiangsu Junjin Law Firm and Shenzhen-based China Commercial Law Firm among the top five in deal volume. Beijing-based Docvit Law Firm is also emerging as a rising player.